Analysis of high yield issuance for 12 months through August 2008

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Yield

	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Less than 7%	0	0.198	0	0	0	0	0	0	0	0	0	0
7%-7.99%	0.750	1.657	0.176	0.500	0.600	0	0.375	0.924	6.644	0.600	0	0
8%-8.99%	2.276	2.953	2.472	0	0	0	0	2.573	3.049	4.999	0	0.280
9%-9.99%	0.750	0.707	0.312	0.550	0	0.424	0	1.998	0.953	1.867	2.613	0
10%-10.99%	2.078	8.312	1.980	0.456	6.585	0	0	0.219	2.403	0.904	3.600	0
11%-11.99%	2.116	5.577	5.507	0	0	0.200	0.500	0.100	0.904	6.478	2.118	0.600
12% and higher	0.554	1.090	0.774	0.207	0	0.296	0.953	1.924	0.549	2.308	0.898	0.798
Floater	0.105	0.150	0	0.195	0	0	0	0	0	0	0	0
NA	0.041	0	0	0	0	0	0	0.743	0.195	0	0	0
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 7%	0.198	1	0	0	0	0	0	0	0	0	0.198	1	0.00%
7%-7.99%	2.334	7	0.975	2	8.168	18	0	0	9.143	20	12.227	29	14.95%
8%-8.99%	5.424	10	0	0	10.620	23	0.280	1	10.900	24	18.601	38	17.82%
9%-9.99%	1.569	5	0.424	2	4.818	11	2.613	4	7.854	17	10.173	23	12.84%
10%-10.99%	10.748	12	6.585	3	3.526	11	3.600	6	13.711	20	26.536	36	22.41%
11%-11.99%	11.084	16	0.700	2	7.483	8	2.718	5	10.901	15	24.101	34	17.82%
12% and higher	2.072	8	1.249	4	4.783	13	1.696	5	7.728	22	10.354	34	12.64%
Floater	0.345	3	0	0	0	0	0	0	0	0	0.450	4	0.00%
NA	0	0	0	0	0.938	3	0	0	0.938	3	0.979	4	1.53%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%
Versus Talk
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Lower	0	0	0.601	0	0	0	0	0	0	0	0	0
Low end	0	1.180	0.575	0.456	0	0	0.413	1.117	1.932	0.375	0	0.280
Middle	3.178	11.276	0.387	0.546	0.600	0.599	0.500	5.082	6.137	4.232	2.120	0
High end	0	3.061	2.321	0.550	0	0	0.375	0.448	2.321	1.671	0	0
Higher	0	0.640	1.105	0	0	0.225	0.540	0	0.296	0.250	0.736	0.146
NA	5.491	4.488	6.233	0.356	6.585	0.096	0	1.835	4.011	10.628	6.373	1.252
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0.601	3	0	0	0	0	0	0	0	0	0.601	3	0.00%
Low end	2.211	5	0.413	1	3.425	10	0.280	1	4.117	12	6.328	17	6.73%
Middle	12.210	20	1.699	5	15.451	31	2.120	3	19.269	39	34.657	66	31.50%
High end	5.932	9	0.375	1	4.440	10	0	0	4.815	11	10.747	20	7.87%
Higher	1.745	6	0.765	2	0.546	2	0.882	4	2.193	8	3.938	14	3.58%
NA	11.077	19	6.681	4	16.475	34	7.625	13	30.781	51	47.349	83	50.32%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%
Upsized?
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	3.009	10.781	1.488	0.550	0.600	0	0.375	1.895	5.219	2.915	0.700	0.280
No	5.660	7.952	9.434	1.151	0	0.297	1.040	6.487	9.478	12.972	7.623	1.398
Downsized	0	1.911	0.300	0.207	6.585	0.624	0.413	0.100	0	1.269	0.906	0
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	12.819	13	0.975	2	10.029	23	0.980	2	11.984	27	27.812	46	19.59%
No	18.538	43	1.336	4	28.937	59	9.021	15	39.294	78	63.492	135	64.23%
Downsized	2.419	6	7.622	7	1.369	5	0.906	4	9.897	16	12.316	22	16.18%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%
Quick Sale?
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	3.089	3.806	3.633	0	0	0	0.875	1.393	8.336	9.776	1.363	0
No	5.580	16.839	7.589	1.908	7.185	0.920	0.953	7.089	6.361	7.380	7.866	1.678
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	7.439	18	0.875	2	19.505	33	1.363	3	21.743	38	32.271	63	35.54%
No	26.336	44	9.058	11	20.830	54	9.544	18	39.432	83	71.349	140	64.46%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%
Seniority
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
senior secured	0.216	1.000	0.691	0.456	0	0.522	0.913	1.362	1.632	1.119	0	0.146
secured	0	0.220	0	0	0	0	0	0	0	0	0	0
senior	7.012	18.947	8.783	1.452	7.185	0.399	0.915	7.120	11.465	15.137	9.105	1.532
senior subordinated	1.441	0.478	1.748	0	0	0	0	0	1.600	0.900	0.124	0
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
senior secured	2.147	7	1.435	5	4.114	8	0.146	1	5.694	14	8.058	23	9.31%
secured	0.220	1	0	0	0	0	0	0	0	0	0.220	1	0.00%
senior	29.182	47	8.499	8	33.722	71	10.637	19	52.857	98	89.051	159	86.40%
senior subordinated	2.226	7	0	0	2.500	8	0.124	1	2.624	9	6.291	20	4.29%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%
Moody's Rating
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Ba1	0.500	0	0.500	0	0	0	0	0.394	1.142	1.250	0	0
Ba2	0.492	0.700	0.051	0.500	0.600	0.225	0.375	2.619	1.099	1.169	1.488	0
Ba3	0.379	0.261	1.510	0.148	0	0.199	0	1.600	5.293	1.269	0.470	0.530
B1	0	2.220	1.017	0	0	0	0.413	2.112	2.818	0.694	0	0
B2	0.656	0.575	0.586	0.663	0	0.200	0	0.499	0.275	1.216	0.124	0
B3	3.078	11.613	4.819	0.550	6.585	0.297	1.040	0.559	2.771	3.086	2.389	0.146
Caa1	1.052	2.080	2.190	0.046	0	0	0	0.498	1.053	1.325	3.208	0.777
Caa2	0	1.767	0.100	0	0	0	0	0	0	6.161	0	0
NR	2.513	1.428	0.450	0	0	0	0	0.201	0.246	0.987	1.550	0.225
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.500	1	0	0	2.786	6	0	0	2.786	6	3.786	8	4.55%
Ba2	1.251	3	1.200	3	4.888	13	1.488	2	7.576	18	9.318	22	12.38%
Ba3	1.919	5	0.199	1	8.161	13	1.000	4	9.359	18	11.657	25	15.30%
B1	3.237	5	0.413	1	5.624	12	0	0	6.037	13	9.274	18	9.87%
B2	1.825	7	0.200	1	1.990	9	0.124	1	2.314	11	4.795	19	3.78%
B3	16.982	18	7.921	7	6.416	15	2.535	4	16.872	26	36.933	51	27.58%
Caa1	4.317	10	0	0	2.876	10	3.985	6	6.861	16	12.229	28	11.22%
Caa2	1.867	6	0	0	6.161	5	0	0	6.161	5	8.028	11	10.07%
NR	1.878	7	0	0	1.433	4	1.775	4	3.208	8	7.599	21	5.24%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%
Use of Proceeds
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Acquisition	0.111	0.854	0.810	0	0	0.295	0.540	0.319	0	0.600	0	0
Capex	0.244	0	0.264	0	0	0	0	0.372	0	0	0	0
Dividend/recap	0.129	0	0	0	0	0	0	0	0	0	0.300	0
GCP	0.532	0.197	0.899	0.500	0	0	0	3.195	4.415	2.241	0	0
LBO	3.652	14.835	6.247	0	6.335	0.225	0	0	0	0	4.058	0.777
Refinance	3.076	1.029	0.676	0.356	0.850	0.200	0.788	2.199	4.934	11.648	1.939	0.651
Repay bank debt	0.750	0.761	0.137	0.550	0	0.200	0.500	0	2.057	2.293	1.444	0
Multiple/Other/NA	0.175	2.970	2.189	0.502	0	0	0	2.397	3.291	0.375	1.488	0.250
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.664	4	0.835	3	0.919	3	0	0	1.754	6	3.528	11	2.87%
Capex	0.264	2	0	0	0.372	2	0	0	0.372	2	0.880	6	0.61%
Dividend/recap	0	0	0	0	0	0	0.300	1	0.300	1	0.428	2	0.49%
GCP	1.596	4	0	0	9.850	19	0	0	9.850	19	11.979	25	16.10%
LBO	21.082	26	6.560	3	0	0	4.835	8	11.395	11	36.129	43	18.63%
Refinance	2.060	8	1.838	5	18.781	38	2.590	6	23.209	49	28.345	62	37.94%
Repay bank debt	1.448	4	0.700	2	4.350	13	1.444	3	6.494	18	8.692	24	10.62%
Multiple/Other/NA	5.661	14	0	0	6.063	12	1.738	3	7.801	15	13.638	30	12.75%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%
Industry Sector (by SIC code)
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.296	0	0	0
Mining (1xxx)	0	0	0.235	0	0	0	0	0	0	1.250	0	0
Oil and gas (13xx)	0.361	0.123	1.416	0.550	0.850	0.400	0	0.279	3.948	1.015	0	0
Construction (15xx)	0	0.197	0	0	0	0	0	0.201	0.594	0	0	0
Manufacturing (2xxx, 3xxx)	2.973	2.870	2.647	0.956	0	0.520	0.788	3.985	3.038	2.277	1.250	0.505
Transportation (4xxx)	0.150	0.220	0.051	0.046	0	0	0	0	0.275	0.694	0	0
Communications (48xx)	1.156	0	0.915	0	0	0	1.040	2.448	3.117	9.524	4.447	0
Electric, gas, sanitary services (49xx)	0.925	10.478	3.658	0	0	0	0	0.939	1.628	0.500	0	0
Wholesale (5xxx)	0	0.729	0	0.148	0	0	0	0.204	0.296	0.856	1.958	0.923
Finance, insurance, real estate (6xxx)	1.532	3.126	1.450	0	0	0	0	0	0.500	0	0	0.250
Services (7xxx)	1.571	1.603	0.713	0.207	6.335	0	0	0.426	0	1.040	0.300	0
Health services (8xxx)	0	1.300	0.137	0	0	0	0	0	1.006	0	1.274	0
Total	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.296	1	0	0	0.296	1	0.296	1	0.48%
Mining (1xxx)	0.235	1	0	0	1.250	2	0	0	1.250	2	1.485	3	2.04%
Oil and gas (13xx)	2.089	6	1.250	4	5.242	13	0	0	6.492	17	8.942	25	10.61%
Construction (15xx)	0.197	1	0	0	0.795	2	0	0	0.795	2	0.992	3	1.30%
Manufacturing (2xxx, 3xxx)	6.473	16	1.308	5	9.299	23	1.755	3	12.362	31	21.809	52	20.21%
Transportation (4xxx)	0.317	3	0	0	0.969	3	0	0	0.969	3	1.437	7	1.58%
Communications (48xx)	0.915	1	1.040	2	15.088	19	4.447	6	20.574	27	22.646	30	33.63%
Electric, gas, sanitary services (49xx)	14.136	11	0	0	3.067	10	0	0	3.067	10	18.127	23	5.01%
Wholesale (5xxx)	0.877	4	0	0	1.356	5	2.881	8	4.238	13	5.115	17	6.93%
Finance, insurance, real estate (6xxx)	4.576	7	0	0	0.500	1	0.250	1	0.750	2	6.858	12	1.23%
Services (7xxx)	2.524	9	6.335	2	1.466	5	0.300	1	8.101	8	12.196	22	13.24%
Health services (8xxx)	1.437	3	0	0	1.006	3	1.274	2	2.280	5	3.717	8	3.73%
Total	33.776	62	9.933	13	40.335	87	10.907	21	61.175	121	103.620	203	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• Offerings are included in the time period in which they price.

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Fixed-rate medium-term notes with a face value above $100 million are included. All other MTNs are excluded.

• Deals rated investment-grade by either Standard & Poor's or Moody's Investors Service are excluded but deals not rated by both are included.

• Amounts are based on the total sales price (face amount multiplied by the offering price

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

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